374Water, Inc. (SCWO) Stock

374Water, Inc. (SCWO) is a Industrials stock trading at $2.41 (as of 2026-08-20), with a market capitalization of $42.70M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

374Water, Inc. develops technology that treats waste streams using supercritical water oxidation. It provides AirSCWO systems for processing hazardous and non-hazardous waste, selling through channel partners and to end users such as utilities, industrial manufacturers, waste and remediation firms, agricultural organizations, and government entities.

Understand 374Water, Inc.: how it makes money

374Water develops a waste stream treatment system based on supercritical water oxidation, with its AirSCWO systems designed to treat hazardous and non-hazardous waste streams, and it sells through channel partners and end-users via equipment and related services.

The profit model depends on converting AirSCWO deployment into billable revenue streams, spanning capital equipment sales and paid services (waste destruction, full-scale demonstrations, and treatability studies), rather than on the performance metrics alone.

Revenue by segment (latest quarter)
WasteSvc	$0.0B
FullDemo	$0.0B
Study	$0.0B
EquipSale	$0.0B
OrlandoDemo	$0.0B
IncSvcRev	$0.0B

Business quality (Weak): The company reports 0.0B revenue for the latest quarter, while operating margin is deeply negative, so investors should focus on whether demonstrated treatment performance leads to repeatable, revenue-generating deployments.

Bull case

High reported destruction outcomes: Per- and polyfluoroalkyl substances destruction result is 99.99 percent, and aqueous film forming foam destruction result is 100.0 percent.
Clear technical throughput and infrastructure indicators: Reported maximum process capacity for AS-30 is 30 metric tons of wet waste per day, and tank storage capacity is 80,000 gallons.
Commercial go-to-market includes both partners and end-users: Clients include channel partners such as engineering-procurement and construction companies and technology integrators, plus end-users including utilities, industrial manufacturing facilities, waste management, and environmental remedia.

Bear case

No revenue captured in the latest quarter: For the quarter ended 2026-03-31, revenue is 0.0B across the provided revenue categories.
Loss-making at the operating level: Operating margin is -834.3 percent for the latest quarter, indicating costs outweigh operating results.
Key operating measurements may reflect limited deployments: Several reported operating metrics are tied to specific project context (for example, North Carolina phases), which may signal that scaled commercial revenue is not yet established.

Valuation — source: SEC EDGAR (first-party)
Price	$2.41
Market Cap	$42.70M
Price / Book	14.30
Price / Sales	10.35
FCF Yield	-47.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$215037.00
Net Margin	-9754.2%
Revenue Growth (YoY)	-51.7%
FCF Growth (YoY)	45.6%

Financial Health — source: SEC EDGAR
Altman Z-Score	-6.67 (distress)

Valuation vs Sector & Industry
Sector P/E (Industrials)	25.9
Industry P/E (Electrical Equipment)	37.8

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD CAPITAL MANAGEMENT LLC ($916718.00)
Institutional Holders Tracked	10

Company
Sector	Industrials
Industry	Electrical Equipment
CEO	Stephen J. Jones
Employees	27
Country	US
IPO Date	1996-05-17

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.